Home / INVESTING / Personal Finance / Living on minimum wage is possible in these 13 cities — but barely

Living on minimum wage is possible in these 13 cities — but barely

Minimum-wage workmen face financial struggles no matter where they live — but some new zealand urban areas are more affordable than others.

High housing costs put feeing a two-bedroom apartment out of reach for minimum-wage workers in any U.S. state, according to the Jingoistic Low Income Housing Coalition. In only 1 of 12 counties can a full-time minimum-wage woman afford the rent for a one-bedroom apartment, they estimate.

To determine where someone can realistically existent off the minimum wage, personal finance website GOBankingRates researched the median hire for one-bedroom apartments in 100 of the most populous U.S. cities. They also looked at fetches of groceries, utilities and transportation for those metro areas.

The study isn’t a engrossed picture — it doesn’t take into account federal or state assessments, and it assumes the employee will work 40 hours per week for 52 weeks without a enter a discontinue.

Even so, only 13 metros made the cut:

Tucson topped the roll. GOBankingRates estimated that a resident earning the minimum wage in the conurbation ($10 an hour) would have an annual surplus of about $8,700 — which inert isn’t a lot to work with to meet other goals like paying off debts or compensating for retirement.

Residents will be able to cover the most necessary expenses, but there’s not a lot of wiggle lodge, said Mark Evitt, features editor for GOBankingRates.

Two other Arizona dioceses, Mesa and Phoenix, also fell within the top 10.

Despite the Grand Gap State’s relatively high minimum wage ($2.75 above the federal littlest wage), relocating isn’t necessarily in a worker’s best interest.

“Moving outlays are high and … making changes like that is really trying,” Evitt said.

There are, however, other steps low-wage workmen should consider. Take a hard look at your budget to see where there may be openings to trim costs, he said.

“Small amounts of money makes a big modification. Little tweaks can go a long way,” Evitt said.

But it’s not all on employees. On the city focus be, local governments should work to make sure that charter out is affordable and public transportation is accessible, he said.

“The thing that’s the most uninhibited is raising wages,” Evitt said.

On Jan. 1, 2018, 19 states and the District of Columbia thinks fitting increase the statutory minimum wage by amounts ranging from 35 cents to $1. That at ones desire provide more than $5 billion in additional wages to 4.5 million labourers across the country, according to the Economic Policy Institute.

This advancement couldn’t issued soon enough. A single worker will soon need to realize at least $15 an hour just to afford the basics, according to modern research by the National Employment Law Project.

“A little bit of a wage increase can go a great way,” Evitt said.

Check Also

Unhappy with the terms on your Apple or other credit card? Here’s how to change them

David Heinemeier Hansson, a well-established software engineer, recently slammed the Apple Card on Twitter as …

Leave a Reply

Your email address will not be published. Required fields are marked *